What is a title company?

RE/MAX Elite and the Clermont Financial group. If you absolutely, positively want to postion yourself to be successful in today's market!

I was talking to my friend Dan Engen from the Cincinnati based Prominent Title Agency yesterday. He told me that many customers are confused over what the title company does from them. He has outlined
the role his company plays in the transaction for the greater Cincinnati consumer.

I spoke to our agents at REMAX Elite. They tell me Prominet Title Agency really educates their customers.

Eloisa Vinson, loan planner from Clermont Financial says they are the best title company in Cincinnati! The service is outstanding and they will even close at the customers house!



Our role is to go to the courthouse and research the public records to determine if a property is free and clear of encumbrance for our clients. We then report the information in the form of a title commitment and close the loan based on the stipulations laid out in the commitment. We then issue a title policy to the lender upon recording of the mortgage documents.

What do we do?

Once a title has been requested, we order a search with an examiner. The examiner sends us a report that identifies mortgages, encumbrances, liens, or any other public information on the property. We take the report and create a title commitment stating all of the steps that must be done in order to close the loan (payoff liens, identify encumbrances; payoff mortgages; etc).

The commitment must be clear in order for us and the lender to allow the closing. From there, we work with lenders; schedule the closing with all parties; and prepare a HUD-1 or Settlement Statement from information the lender provides in a closing package. We must follow the lender’s instructions exactly or they could refuse to fund the loan.

After closing the loan, we then take all of the recordable documents to the courthouse and record them. Then we ship the package back to the lender for their review. Once the documents return from the courthouse we then issue a title policy to the lender.

What is Owners Title Insurance?

Title insurance is protection against loss if a covered defect is found in the title of the property. When you purchase a home, you are given a title to the property, which generally means you receive full legal ownership BUT sometimes there is a hidden mistake in a prior deed, will, mortgage, etc., that may give someone else a legal claim against your property.

Why is title insurance important?

Because it provides a safety fence around your property. Having title insurance can save you money, time, trouble and even your home.

What risks are covered?

1. Errors – Incorrect information in deeds, mortgages, public records, etc, such as wrong names.
2. Liens – Claims against the property or the seller that become the new owner’s responsibility after the sale. Examples are unpaid mortgages, taxes, sewer and water assessments, bills owed to workers or other creditors, etc.
3. Claims to Ownership – for instance, a claim to ‘marital interest’ by the spouse of a former owner or by a child of a former owner who was not mentioned in his or her parents’ wills.
4. Invalid Deeds – for example, transfer by a previous seller who did not actually own the property, or by a previous owner who was not mentally competent.

Many of theses problems might not be discovered in a routine title search